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On October 12, Politico reported that a group of bipartisan senators called on President Trump to "immediately change course" and rescind his decision to allow the import of Russian diesel fuel. They accused the administration of violating federal law and providing Moscow with an economic lifeline at a time when Russia is waging military action against Ukraine. In a statement released Sunday, the senators pointed out that Congress had passed a ban in 2022 prohibiting the import of Russian energy; and that "President Trumps decision to allow the import of Russian diesel fuel into the United States directly violates that law." The statement also said, "The administration has also failed to consult Congress or provide any explanation for its decision as required by law." The critics include four Republicans—Susan Collins, Lisa Murkowski, Tom Tillis, and John Curtis—and Democratic senators—Jenny Shaheen, Richard Blumenthal, and Ron Wyden. Shaheen is the highest-ranking Democratic member of the Senate Foreign Relations Committee.Former US Vice President Harris: The culprit behind soaring diesel and gasoline prices in the US is Trump and his war against Iran. His latest tactic—selling fuel solutions to his ally Putin—demonstrates weakness; it funds Russian military operations but does nothing to ease the burden on American families.October 12th - According to CMEs "FedWatch": The probability of the Federal Reserve keeping interest rates unchanged by October is 81.7%, and the probability of a cumulative rate hike of 25 basis points is 18.3%. The probability of the Federal Reserve keeping interest rates unchanged by December is 15.8%, the probability of a cumulative rate hike of 25 basis points is 69.5%, and the probability of a cumulative rate hike of 50 basis points is 14.7%.The notice indicates that the Federal Aviation Administration (FAA) is urging U.S. airlines to exercise caution when flying to or over Saudi Arabia.On October 12th, local time, the UK Maritime Trade Operations Office (UKMTO) issued a notification stating that an oil tanker was attacked by a drone near its anchorage in Sohar, Oman, on October 11th. The notification stated that the UKMTO initially received a report of a security incident involving an oil tanker. It was subsequently confirmed that the tanker was attacked by a drone, and the UKMTO has officially classified the incident as an "attack incident." Local authorities are currently assisting with the evacuation of the crew. The extent of the damage to the tanker and the potential environmental impact of the incident are still unclear, and the incident is still under investigation.

Oil Prices Rise As U.S. Gasoline Supplies Decline; Economic Concerns Loom

Haiden Holmes

Jan 06, 2023 11:40

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Oil prices increased over 1% on Thursday following the greatest two-day decline for the first two trading days of the year in three decades, with U.S. data indicating lower fuel inventories providing support and economic concerns limiting gains.


Concerns of a global recession precipitated huge declines over the previous two trading days, especially in the aftermath of negative short-term economic data in the world's two largest oil consumers, the United States and China.


According to data issued by the U.S. Energy Information Administration on Thursday, distillate inventories declined more than anticipated when a winter storm struck the United States at the end of December.


Last week, the Energy Information Administration reported a fall in gasoline stocks of 346,000 barrels, whereas a Reuters survey had projected a decrease of 486,000 barrels.


According to EIA data, distillate stockpiles, which comprise diesel and heating oil, declined by 1,4 million barrels during the previous week, contrary to the predicted decrease of 396,000 barrels.


John Kilduff, a New York-based partner of Again Capital LLC, stated, "The consequences of the hurricane during that time period are clear here."


Futures for Brent crude closed at $78.69 a barrel, up 85 cents, or 1.1%. The price per barrel of West Texas Intermediate crude oil in the United States climbed by 83 cents, or 1.2%, to $73.67.


According to data from Refinitiv Eikon, Tuesday and Wednesday's cumulative losses of more than 9 percent were the greatest two-day losses at the start of the year since 1991.


The largest U.S. pipeline operator, Colonial Pipeline, published a statement earlier in the session suggesting that its Line 3 had been shut down for unscheduled maintenance, with a resume date of January 7 predicted for the products line.


Tamas Varga, an oil dealer at PVM, linked the early-session price surge to the pipeline interruption and remarked, "The market is unquestionably in a bear market."


The contracts for the two proximate benchmarks traded at a discount to the following month, a phenomenon known as contango.


On Wednesday, statistics indicating a steeper decrease in U.S. manufacturing in December weighed on prices, along with fears of economic disruption as COVID-19 makes its way through China, where travel and activity restrictions have been substantially lifted.

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